Virginia receives $76.4 million in June’s cap-and-trade auction

Virginia has now participated in six auctions brokered by the Regional Greenhouse Gas Initiative, an interstate compact that seeks to incentivize investment in new sources of power generation that produce fewer greenhouse gas emissions. The Commonwealth joined the program in 2020 and legacy generators of electricity must purchase credits to exceed caps authorized by the General Assembly that year. 

The latest auction was held earlier this month, and Virginia will receive $76,418,182.90. By the terms of the state code, Virginia will direct 45 percent to the Community Flood Preparedness Fund and 50 percent to support energy efficiency programs for low-income households. 

Read more about the auction in this press release.

Governor Glenn Youngkin has pledged to withdraw Virginia from RGGI out of a concern that energy companies such as Dominion pass on the costs to consumers. Earlier this year he signed an executive order seeking that outcome, but that action would require action by the General Assembly. Legislation to withdraw did not pass but the issue is likely to come back. 

At the local level, the city of Charlottesville will hold a virtual workshop tonight on the Climate Vulnerability Assessment, which the city will use to create a climate action plan. Top hazards identified are an increase in violent storms and periods of extreme heat. If you want to attend, you’ll have to register in advance. (register in advance)

Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment comes from the June 9, 2022 edition of the program. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.

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